IPO Report: Rivian prices IPO at $78 a share, raising a whopping $11.9 billion

United States

Electric-vehicle maker Rivian Automotive Inc. priced its initial public offering at $ 78 a share Tuesday night, well above its expected range and valuing the company at $ 77 billion on a fully diluted basis.

The company plans to sell 153 million shares in its offering, raising $ 11.9 billion — a figure Bloomberg News reported makes it the largest IPO of the year and sixth-largest ever on a U.S. exchange.